Galileo Mining Ltd (ASX:GAL) has acquired a highly prospective greenfield tenement along strike from its existing nickel-copper sulphide prospects in the Fraser Range region of Western Australia.
Tenement E28/2797 is six kilometres along strike from the company’s Lantern South Prospect where previous drilling intersected nickel-copper sulphides.
There has been no previous exploration on the new tenement which provides Galileo with a first-mover advantage for potential new discoveries.
Along strike from work areas
Galileo managing director Brad Underwood said: “We are very pleased to have secured a strategic new tenement in a critical part of the Fraser Range Belt. The tenement is along strike from our current work areas in the Fraser Range and is particularly close to our Lantern South Prospect where nickel-copper sulphides have been intercepted in drilling.
"The tenement has never been drilled and, given its proximity to known prospects, is one of the best unexplored tenements in the Fraser Range.”
"Ground EM surveying to cover all the interpreted prospective zones on the new tenement is planned to start in December. If positive results from this target generation work are obtained we will move to the target testing phase of exploration involving drilling,” Underwood said.
"We are fully committed to our Fraser Range work programs and believe the possibility for new mineral discoveries in the region is substantial.”
New Fraser Range greenfield tenement E28/2797 with existing prospect locations and interpreted intrusive targets (over TMI magnetic image).
Intrusive rock signatures
Interpretation of detailed aeromagnetic surveying over the new tenement has identified intrusive rock signatures with potential for Nova-style nickel-copper mineralisation.
The company is hoping to at least mirror the success it has had at Lantern South where previous results include:
- 41 metres at 0.19% nickel and 0.14% copper; and
- 5 metres at 0.49% nickel and 0.46% copper, including 1-metre at 0.66% nickel and 0.75% copper.
Ground EM surveying
Galileo expects to begin ground EM surveying of the tenement in December in conjunction with the company’s ongoing target generation program.
Tenement E28/2797 was purchased from individual tenement holder Mrs SE Creasy for total consideration of $170,000 being $89,920 cash and 308,000 Galileo shares at a deemed price of $0.26 per share.
The consideration shares are subject to a 12-month voluntary escrow agreement from the date of issue and were issued within the company’s 15% placement capacity in accordance with ASX Listing Rule 7.1.